Truist Financial Corporation (TFC)

Net income was $799 million in the third quarter of 2026, down from $1,452 million a year earlier 2. The quarter carried a $1.4 billion loss on selling bonds and a $66 million loss on the car-loan sale 2. A $581 million release of loan-loss reserves offset part of it 2.

Excluding those items and others, the company reports adjusted earnings per share of $1.16, up 12 percent from a year earlier 1.

Mike Lyons became president and chief executive on 31 August 2026 2. Lyons ran Fiserv from May 2025 to June 2026 and was president of PNC Financial Services Group before that 3. William Rogers Jr stays as executive chair until the annual meeting of shareholders in 2027 3.

The sale of Regional Acceptance, an auto lender, covered $5.5 billion of loans and was completed in the third quarter 41. On 14 October the company agreed to sell $7.7 billion of LightStream personal loans to Carlyle Group, with closing expected in the fourth quarter of 2026 12.

A presentation the company furnished in September said a broader strategic review is ongoing 4. It described the auto-loan exit as consistent with an earlier stop to marine and RV lending 4.

Truist Bank was chartered in 1872 and is the oldest bank headquartered in North Carolina 9. The company completed its merger with SunTrust on 6 December 2019 9. The bank's subsidiary list still shows BB&T and SunTrust Bank among the names it does business under 8.

At the end of 2020 the bank reported 2,781 offices 9. At the end of 2025 it ran 1,927 branches, and Florida and Georgia were its largest states by deposits 7.

The latest annual report calls Truist Bank one of the 10 largest commercial banks in the U.S. 7.

The first half of 2023 brought bank failures, and Truist said it leaned on its strong core deposit base, ample liquidity and diverse revenue streams 10.

Revenue was $20,022 million in 2023, but the company posted a net loss of $1,047 million 7. The loss came after a $6.1 billion goodwill impairment, a non-cash charge that lowers the recorded value of past acquisitions 10. In September 2023 it also unveiled a cost savings plan to limit expenses in 2024 and beyond 10.

Truist Insurance Holdings, called TIH, was the company's insurance business 11. On 3 April 2023 it sold a 20 percent stake to a group led by Stone Point Capital for $1.9 billion 11. On 20 February 2024 it agreed to sell the rest to Stone Point and Clayton, Dubilier & Rice at an implied enterprise value of $15.5 billion 11.

The sale of the rest of TIH closed on 6 May 2024 and brought a $6.9 billion gain, shown under discontinued operations 7. At the same time the company took $6.7 billion of securities losses in a balance sheet repositioning, and reported 2024 total revenue of $13,278 million 7. It also recorded a gain in 2024 on the sale of Sterling Capital Management LLC 7.

Continuing operations lost $45 million in 2024, while discontinued operations, mostly TIH, earned $4.9 billion 7. Together they gave net income of $4,840 million 7.

In 2025 net income was $5,307 million and diluted earnings per share were $3.82, against $3.36 a year earlier 7. The company returned $5.2 billion to common shareholders, with $2.7 billion in dividends and $2.5 billion in share repurchases 7. Costs included $156 million of severance and a $130 million accrual to settle a legal matter 7.

In the second quarter of 2026 earnings per share were $1.23, up 37 percent from a year earlier, and net income was $1.55 billion 14. A June 2026 filing said Rogers would retire as chief executive and that Lyons, then chief executive of Fiserv, would take the role 3. In September the company agreed to sell its Regional Acceptance auto loans 4.

Consumer and Small Business Banking

This segment serves retail, premier and small business clients with deposits, payment services and loans, through digital banking, branches and ATMs 2. Its loans include credit cards, personal loans, auto and power-sports financing through dealers, home improvement loans and home mortgages 2.

Segment net income was $1,276 million in the third quarter of 2026, against $636 million a year earlier, and $2,529 million for all of 2025 27. The jump came because the allocated provision for credit losses fell $699 million as reserves for the sold auto loans were released 2.

LightStream is an online platform making fixed-rate unsecured loans to consumers with strong credit 7. Regional Acceptance made nonprime and near-prime auto loans nationally, and both businesses are now being sold 71.

Branches and markets

Truist Bank had 1,927 branches at the end of 2025 7. Florida had 441, North Carolina 276, Virginia 259 and Georgia 202 7. By deposits it ranked first in Georgia, second in North Carolina, third in Virginia and fourth in Florida, on FDIC data as of 30 June 2025 7.

Wholesale Banking

This segment serves commercial, corporate, institutional and wealth clients with loans, payments, advisory services and investment banking 2. Investment banking covers strategic advice, debt and equity underwriting, leveraged finance, and trading in fixed income and equity markets 2. The wealth business offers asset management, trust, brokerage and investment management 2.

Segment net income was $1,048 million in the third quarter of 2026, down 3.2 percent, and $4,102 million in 2025 27. Wealth management income was a record for a quarter at $407 million, and investment banking and trading income was $324 million 1.

Loans, deposits and capital

Loans held for investment were $323.9 billion and deposits $413.2 billion at the end of the third quarter of 2026 1. Net interest margin, the gap between what loans earn and what funding costs, was 3.00 percent 1. The CET1 ratio, a core measure of capital, was 10.7 percent, a preliminary figure 1.

People

Mike Lyons, age 55, is president and chief executive 3. Michael Maguire has been chief financial officer since September 2022, and Kristin Lesher has been chief wholesale banking officer since February 2024 7. Brad Bender has been chief risk officer since November 2024 7.

On 16 October the company named Steve Boland vice chair, Shimna Sameer chief consumer banking officer and Jeff Warner chief small business banking officer 5. Boland retired from Bank of America in 2025, Sameer spent more than 20 years there, and Warner spent more than 25 years at PNC 5. Dontá Wilson, who held the consumer and small business role, leaves on 31 December 2026 6.

Jeff Dunn and Bryan Cram lead Truist Wealth as co-heads on an interim basis 5. Truist had 38,711 teammates at the end of 2025 7.

Rivals

The annual report says Truist competes with national, regional and local banks, thrifts, credit unions, investment advisers, private-equity funds and financial technology companies 7. It adds that some competitors have greater scale and resources, and it names newer rivals working in digital assets, stablecoins and tokenization 7. Several recent senior hires came from Bank of America and PNC 53.

Open problems

Net charge-offs, loans written off, were $629 million in the third quarter, including $251 million booked when the auto loans moved to held for sale 1. The efficiency ratio, costs as a share of revenue, was 82.9 percent, against 58.0 percent in the second quarter 1.

Return on tangible common equity, a profit measure, was 7.2 percent in the quarter and 14.6 percent after adjustments 1. The 2025 annual report records a $130 million accrual for a settlement in a legal matter it does not name 7.

The umbrella, in words

Truist Bank, a North Carolina bank, is the largest subsidiary 7. Exhibit 21 shows it also does business as BB&T and SunTrust Bank, with LightStream, Sheffield Financial Company and SunTrust Mortgage listed among its other names 8.

The exhibit lists only certain subsidiaries, among them Truist Securities, Truist Investment Services, Truist Leasing Corp. and Truist Community Capital 8. Truist owns its headquarters building at 214 North Tryon Street in Charlotte 7.

Vanguard Capital Management reports owning 7.6 percent of the common stock in a Schedule 13G 12. Capital International Investors reports 7.0 percent in a Schedule 13G/A 13. The common stock trades on the NYSE under TFC and had 69,408 registered shareholders at the end of 2025 7.

The company expects the LightStream sale to close in the fourth quarter of 2026, with estimated net proceeds of $7.2 billion 2. It does not expect the effect on net income to be material 2.

In September the company said its third-quarter and full-year 2026 outlook was unchanged, excluding the strategic actions 4. It said the auto-loan exit would cut net charge-offs by about 10 basis points a year, where a basis point is one hundredth of a percentage point 4.

It also said it expected the strategic actions to add modestly to earnings and to return on tangible common equity in 2027 4. Lyons said in the release that the company remains confident it can meet its near-term and long-term goals for that return 1.

The company said the auto-loan exit sharpens its strategic focus, strengthens the balance sheet and improves its credit risk profile 4. It planned to repay wholesale borrowings with the proceeds and to use illustrative bond sales to offset the capital the sale created 4.

The LightStream sale is subject to customary closing conditions 2.

The company said its 2026 share repurchase plan was unchanged at $5 billion 4. At 30 September 2026, $6.5 billion remained under a $10.0 billion repurchase authorization 2.

Rogers is to serve as executive chair until the 2027 annual meeting, which is also his retirement date 3. Wilson will leave on 31 December 2026 6.

Boland will join as vice chair, working across the company on the highest-priority initiatives 5. Warner will join as chief small business banking officer, and Boland, Sameer and Warner will each report to Lyons 5.

The company said the new appointments build on its strengths in consumer and small business banking and support its focus on growing core deposits 5. The wealth co-heads serve on an interim basis 5. A broader strategic review is ongoing, with no end date given in the filing 4.